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$ 1,579,000
Est. payment | /mo
10 Beds
6 Baths
$ 1,579,000
Est. payment | /mo
10 Beds
6 Baths
Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active Under Contract
Purchase Type For Sale
Approx. Sqft 3500-5000
Subdivision 4103 - Ottawa Centre
MLS Listing ID X12927004
Style 3-Storey
Bedrooms 10
Annual Tax Amount $11,436
Tax Year 2025
Property Sub-Type Multiplex
Property Description
Welcome to 514 & 516 Bay Street, an excellent opportunity to own a well-maintained 5+1-unit building in the heart of Centretown, offering a solid 6.4% cap rate and positive cash flow. This property combines stable income with immediate rental upside. Located on the corner of Bay and Gladstone, the building sits in a desirable residential pocket surrounded by established single-family homes and multi-unit properties. Just steps to downtown offices, shops, restaurants, and public transit, this prime location continues to attract consistent tenant demand. The property features four 2-bedroom units and two 1-bedroom units, providing a strong rental mix. One unit is currently vacant, offering the new owner the opportunity to set rent at today's market rate. There is a shared driveway with parking for three vehicles, adding further tenant appeal. Major updates were completed in 2022, including new subfloors, flooring, upgraded kitchens and bathrooms, lighting, insulation, and new appliances in three units. The roof was replaced in 2023, helping reduce near-term capital expenses. For owner-occupiers, the vacant unit also presents the option to move in while the remaining units generate income to significantly offset or potentially cover your mortgage.
Location
Province ON
County Ottawa
Area Ottawa
Zoning R4S[478]
Rooms
Family Room No
Basement Unfinished
Kitchen 6
Interior
Interior Features Carpet Free
Cooling None
Exterior
Parking Features Private
Pool None
Roof Type Tar and Gravel
Lot Frontage 37.0
Lot Depth 99.0
Total Parking Spaces 3
Building
Foundation Concrete
Others
Senior Community No
ParcelsYN No
Listed by RE/MAX HALLMARK REALTY GROUP
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